Eternal Ltd Posts 346 Per Cent Surge in Q4 Profit as Zomato Food Delivery Grows and Blinkit Quick Commerce Turns Profitable
Eternal Ltd, the parent company of food delivery platform Zomato and quick commerce venture Blinkit, has reported a stunning set of results for the fourth quarter of financial year 2025-26 (Q4 FY26), with consolidated net profit surging 346 per cent year-on-year to Rs 174 crore. The Gurugram-based company’s revenue from operations rose 196 per cent to Rs 17,292 crore, comfortably beating analyst expectations and underscoring the company’s successful transformation from a loss-making startup to a diversified, profitable technology platform.
Breaking Down the Q4 Numbers
Eternal’s Q4 FY26 profit after tax of Rs 174 crore represents a significant leap from the Rs 39 crore reported in the same quarter a year ago — a year-on-year increase of approximately 346 per cent. On a sequential basis, profit rose 71 per cent from Rs 102 crore in Q3 FY26, indicating accelerating momentum. The result comfortably exceeded a Reuters-LSEG poll of analysts that had pegged Q4 net profit at Rs 121 crore.
Revenue from operations stood at Rs 17,292 crore, up from Rs 5,833 crore in Q4 FY25 — a 196 per cent year-on-year jump that reflects both organic growth in the core food delivery business and the scaling of Blinkit’s quick commerce operations. Sequentially, revenue rose from Rs 16,315 crore in Q3, indicating a healthy growth trajectory.
For the full financial year FY26, Eternal reported consolidated operational revenue of Rs 54,364 crore, up 169 per cent from Rs 20,243 crore in FY25. Full-year profit came in at Rs 366 crore. Total expenses for the quarter rose to Rs 17,406 crore, up from Rs 6,104 crore a year ago, reflecting the cost of scaling operations across food delivery, quick commerce, and the Hyperpure B2B supplies business.
Zomato Food Delivery: Steady Growth
The core food delivery business continues to be the company’s most mature segment. Adjusted revenue from the food delivery vertical increased 30 per cent year-on-year to Rs 3,125 crore in Q4, up from Rs 2,409 crore in the same period last year. The net order value (NOV) for food delivery stood at Rs 9,757 crore, broadly flat compared to Rs 9,846 crore in Q3 but significantly higher than the Rs 8,210 crore recorded in Q4 FY25.
A key growth driver has been the expansion of the platform’s user base. Average monthly transacting customers (MTCs) for Zomato rose to 25.4 million in Q4, up from 24.9 million in the previous quarter and 20.9 million a year ago. This 21.5 per cent year-on-year growth in active customers demonstrates that the food delivery market in India continues to expand, driven by increasing smartphone penetration, rising disposable incomes in tier-2 and tier-3 cities, and the post-pandemic normalisation of online food ordering.
The growth in India’s food delivery market scaling new heights has been a consistent theme over the past year, and Eternal’s results confirm that the sector’s structural growth story remains intact.
Blinkit: The Quick Commerce Game-Changer
The most significant headline from Eternal’s Q4 results is that Blinkit, the company’s quick commerce arm, has turned EBITDA positive. Blinkit reported an adjusted EBITDA of Rs 37 crore in Q4 FY26, compared to a loss of Rs 178 crore in the same period last year. This turnaround — from a loss of Rs 178 crore to a profit of Rs 37 crore in just 12 months — represents one of the most dramatic financial improvements in India’s startup ecosystem.
Blinkit operates a 10- to 15-minute delivery model for groceries, household essentials, and increasingly a wide range of products. The service has grown explosively, with the company expanding its dark store network across Indian cities. The path to profitability has been driven by a combination of increasing order density, improving unit economics, expanding average order values, and disciplined cost management.
The quick commerce profitability is particularly noteworthy because the segment has been the most hotly debated aspect of Eternal’s business model. Critics have long argued that ultra-fast delivery is inherently uneconomical due to high last-mile costs and the need for dense dark store networks. Blinkit’s Q4 numbers challenge this narrative and provide a template that competitors like Swiggy Instamart and Zepto will be closely studying.
Cash Position and Strategic Outlook
Eternal ended Q4 FY26 with a cash balance of Rs 17,972 crore, up marginally from Rs 17,820 crore in the previous quarter. This substantial war chest — equivalent to approximately $2.1 billion — gives the company significant strategic flexibility for acquisitions, geographic expansion, and investment in new business verticals.
The company has been diversifying its revenue streams beyond food delivery and quick commerce. Its Hyperpure B2B supplies business, which provides ingredients and supplies to restaurants, has been growing steadily. Eternal has also invested in entertainment and events ticketing through its District platform, and in dining out experiences through Zomato’s restaurant discovery features.
Market Reaction and Investor Sentiment
Eternal’s shares rose over 1 per cent in early trading following the results announcement, partly recovering from a broader market selloff that had weighed on technology stocks. The company’s market capitalisation stands at approximately Rs 1.1 lakh crore, making it one of the most valuable consumer internet companies in India.
The results are particularly significant against the backdrop of Asia’s booming equity markets, where technology and consumer companies are driving valuations. Analysts have noted that Eternal’s path from chronic losses to consistent profitability mirrors the journey of other global internet platforms, and that the company is now entering a phase where earnings growth could accelerate as operating leverage kicks in.
However, challenges remain. The company faces intense competition in both food delivery and quick commerce, with Swiggy and Zepto aggressively investing in market share. Rising input costs and potential regulatory changes around gig worker welfare could also impact margins. Additionally, with corporate governance under the spotlight across India’s corporate landscape, investor scrutiny of high-growth companies’ governance practices will remain intense.
For the latest company earnings and stock market updates, Eternal’s Q4 results mark a defining moment — the point at which India’s largest food and quick commerce platform demonstrated it can deliver not just groceries in 10 minutes, but also profits in a sector that many had written off as permanently loss-making.
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